________ is a group of firms colluding to make price and output decisions.
A. A concentrated industry
B. Price leadership
C. A cartel
D. An oligopoly
Answer: C
You might also like to view...
Which of the following changes should make activist policy makers more confident in their capacity to make good policy recommendations?
A) structural change in the economy B) changes in multipliers C) a longer estimated lag for monetary policy D) none of the above
The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)
A) oil monopoly. B) cartel. C) competitive arrangement. D) prisoner's dilemma.
Fluctuations around the long-run aggregate supply curve are:
A. called the business cycle. B. experienced as expansions, recessions, and recoveries. C. normal for an economy. D. All of these are true.
Gradually people came to accept what kind of money because they believed that others would accept it also?
a. gold b. fiat money c. silver d. commodities